Biolinq, a well being expertise firm growing precision multi-analyte wearable biosensors for metabolic well being, introduced it secured $100 million in Sequence C funding.
Alpha Wave Ventures led the spherical with participation from current buyers AXA IM Alts, M Ventures, LifeSci Enterprise Companions, RiverVest Enterprise Companions, Hikma Ventures, Taisho Pharmaceutical, Options Capital and Aphelion Capital.
WHAT IT DOES
Biolinq affords a wearable patch that evaluates glucose ranges and supplies insights into metabolic well being for people with sort 2 diabetes who should not on insulin.
The patch makes use of small electrochemical sensors to measure glucose ranges from the intradermal house simply beneath the pores and skin’s floor.
The California-based firm’s glucose sensor is an investigational system that has not been cleared or authorised by the FDA.
“This financing will bolster Biolinq’s business readiness efforts whereas we pursue regulatory approval for the primary intradermal glucose sensor that includes exercise and sleep data right into a single wearable system,” Wealthy Yang, CEO of Biolinq, stated in a press release.
“Our workforce has spent the final decade growing a biosensor platform designed to encourage more healthy residing by offering context round an individual’s metabolic well being.”
MARKET SNAPSHOT
Final yr, Biolinq secured $58 million in financing, which the corporate stated it will use for FDA submission and to carry out a medical trial on its glucose sensor.
The corporate raised $4.75 million in prolonged Sequence A financing in 2019 and secured $20 million in Sequence A funding in 2017.
One other firm within the glucose monitoring house is Allez Well being, which affords a CGM biosensor platform that makes use of sensor expertise to enhance a affected person’s efficiency by analyzing datasets throughout numerous well being afflictions. Final yr, the corporate secured $60 million in Sequence A+ financing.
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